General Motors (GM) continued its run this year, topping Wall Street’s estimates again in the third quarter. After outpacing Ford and Hyundai in Q3, GM is now the second-best-selling EV maker in the US despite offering fewer incentives.
With a record 32,095 electric vehicles sold in the third quarter, up 60% from Q3 2023, GM’s share of the US EV market neared double-digits.
“GM’s EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everyone,” Rory Harvey, GM’s executive vice president of global markets, said following the results.
The growth was enough to surpass Ford and Hyundai to become North America’s number two seller of EVs.
GM said the growth comes as it offers a wide range of options, including electric SUVs like the Chevy Blaze EV and affordable models like the Chevy Equinox EV. GM confirmed the long-awaited $35K Equinox LT model is now available. And that’s before the $7,500 EV tax credit.
Over 15,000 Chevy Equinox models were sold in Q3, what GM calls “the most affordable EV in the US with 315+ miles of range.”
The automaker also offers luxury models like the Cadillac Lyriq and electric pickups, including the GMC Hummer EV, Chevy Silverado EV, and GMC Sierra EV.
GM’s market share surged from 7.1% in the second quarter to 9.8% in Q3 2024. The company’s growing EV market presence comes despite incentives being 11 ppts below the industry average.
GM gains EV market share in Q3 with less incentives
The progress is primarily due to advancements with its dedicated Ultium EV platform, falling battery cell costs, and rising US output.
Earlier this month, GM president Mark Reuss took a jab at Ford, saying the company didn’t need “a skunkworks to create affordable electric vehicles,” referring to Ford’s team in California building a low-cost EV platform.
Reuss confirmed that GM is “nearing the crossover point to profitability for EV sales.” The automaker expects battery pack costs to continue improving, “providing an ongoing tailwind to EV profitability.”
In 2025, GM expects the advancements to provide an EV profitability tailwind between $2 billion and $4 billion.
GM also confirmed its plans to produce 200,000 electric vehicles this year while achieving a positive EV variable profit in Q4.
With several new models launching, including the Cadillac Escalade IQ, Optiq, and Vistiq, GM expects the momentum to continue into the end of 2024. Later next year, GM will launch the next-gen Bolt EV, which will be the first of a “family of Bolts,” according to Reuss.
GM generated $48.8 billion in revenue in the third quarter, topping estimates of around $45 billion. Meanwhile, earnings before interest and taxes (EBIT) climbed 15.5% YOY to $4.1 billion.
Following the strong Q3 results, GM raised full-year 2024 earnings guidance. The company now expects adjusted operating income between $14 billion and $15 billion, up from its previous $13 billion to $15 billion target.
